Now fully back in business! Information on the outlook-classic and hotmail (or any ms mail) combo are extremely inconsistent. But it turned out to be straightforward.
Add any ms operated mail via "File > Info > Add Account". Then enter email, press "connect", follow by password and the rest is automatically taken care of. Added account doesn't appear until outlook is restarted.
What you end up with is an imap-like arrangement in Outlook for each account added.
Only during account adding, the following rules are needed for people who use firewall:
Allow (UWP App) "Your account"
Port 443 TCP Outbound and associated response
Allow svchost.exe
IP: 20.190.0.0 - 20.190.255.255 Port 443 TCP Outbound and associated response
IP: 40.126.0.0 - 40.126.255.255 Port 443 TCP Outbound and associated response
The IPs are likely to be geographically dependent on the location of installation.
At all times, allow "outlook.exe"
Ports 143 443 465 587 993 995 TCP Outbound and associated response